It’s hot – blockchain, that is. By now, almost everyone has heard of Bitcoin and many have heard the term for the underlying technology – blockchain. In fact, it is being touted as the “latest and greatest” method for recording and storing transactions, contracts, public and confidential data, and more. What started out as the best “fit” for fintech has expanded to be a “fit” for governments, education, travel, insurance, real estate, etc. – any business niche that needs permanent and secure (and transparent) records.

Blockchains can be public or private. Bitcoin, and most cryptocurrencies, use public blockchain, and the technology is pretty well standardized. But, more and more, individual businesses are developing their own private blockchain, with proprietary technology used only by and for themselves.

There is clearly a lot of excitement about this technology, and so there should be. It promises to bring a new level of trust between consumers/users and the businesses they frequent. It also cuts out costs of middlemen and their fees. And this is why businesses are looking to the technology as they develop their apps.

Is blockchain a Fit for Your App – Some Initial Questions

This, of course, is the question. And it has to be answered by looking at the benefits and challenges of both developing and implementing the technology. So, here are some initial questions you should ask yourself before you rush into adoption.

Why do you need blockchain technology?

Is your niche engaging in business activity that is subject to fraud? This is a common issue with travel and insurance sectors. Is there a need for security and confidentiality in transactions? Bitcoin sales require transparency in a similar way to the healthcare industry. Are there contracts involved in your business, and do you need an immutable record of them? Do you need to track purchases and transport of goods? Those involved in logistics and transportation niches could find blockchain valuable.

How Will You Develop the Technology?

As new as it is, skilled developers are not as prevalent as they should be, and the demand is high. And in the development process, there are all sorts of challenges. Building and testing distributed applications is hard and full of hurdles and roadblocks. In-house developers with expertise in traditional databases will not be useful here. For most businesses, any app using blockchain will probably be an outsourced project.

The cost – It’s Important

The average loss to business, due to fraud alone, is about 5%. For an airline, for example, this is a large amount. It makes sense, then, for companies that look at large annual losses to go the cost of developing blockchain technology, where identities, sales, etc. can be verified, recorded, and stored. For a small online retailer, not so much.

As the technology evolves, and as more skilled developers enter the marketplace, costs will obviously go down. It may make sense, then, to wait until that happens, depending on your current business needs.

Weighing the Benefits

There is no doubt that blockchain provides some key attractions:

Transparency: Because all transactions are entered into immutable blocks, with access permission provided to those involved (but not modification capabilities), anyone involved in a transaction, contract, etc. can see it in original and verified form.

Reduction in Costs, Disputes, and Errors: Because all transactions and data are stored in blocks, and time-stamped, there is a permanent record. Errors that occur with “paper-heavy” documents are eliminated; legal disputes will be reduced; and, as stated, earlier, middlemen and fees go away.

Fraud and Hacking Prevention: Again, as stated earlier, it is almost impossible for hackers to get into a block and alter documents or records. This provides a level of security that a lot of niches demand.

Weighing the Challenges

In addition to those listed above, businesses must also consider the following:

Compatibility: Public blockchains use standardized technology. As private blockchains continue to be developed, there will be lack of consistency, and varied technologies will not be able to “talk” with one another. Standardization for private blockchains will eventually come, but it may be a way out yet.

Government Acceptance: Currently, a few states recognize the validity of contracts within blockchains as evidentiary material for legal disputes. But the majority do not. This obviously poses problems for businesses engaged in interstate commerce. Ultimately, there may need to be some federal regulations that speak to the validity of transactions and contracts that involve parties from different states.

Security: Yes, this is a huge benefit of blockchain. But there is also a human factor involved. When access keys are given to involved parties, how they store those keys will be critical. One irresponsible individual can create a crisis.

Blockchain holds great promise, and the technology will probably prove to be a huge disruptor in every sector of public and private enterprises. The concepts of trust, transparency, immutability, security, reduced costs, and greater efficiency are too attractive to ignore. Is this technology beneficial for your app? Take time to consider the questions listed above to find out.

In the days before the Internet, how did businesses keep their customers happy? They greeted them when they entered their premises. They directed them to the place where they could find the item(s) they wanted. They took care of returns and exchanges in a friendly way that left the customer satisfied. If customers had a good experience they came back, and they “brought” their friends by recommendations. If the experience was bad, they also told their friends.

In this digital age, where face-to-face customer service is fast giving way to web-based interactions, businesses need to be mindful that customer relations must emulate those traditional experiences as much as possible. It’s not enough to have a call center and/or a live chat feature. Customers need to feel that they are receiving personal, friendly, and satisfactory care, or they will simply go elsewhere.

How Great CRM Software Can Provide Customer Satisfaction

Fortunately, there is technology that can accomplish great customer experiences, in the form of customer relations management software (CRM). And businesses that are growing beyond a hundred customers will need to acquire this software if they intend to continue to grow.

Basically, the purpose of CRM software is to be able to collect, store and retrieve all information related to each individual customer, so that when that customer makes contact, they understand that the business “knows” them and is ready to serve their needs.

Some CRM software products are quite complex; others quite simple. Only you can gauge your needs, and thus you need to find a product that satisfies those needs and that can also grow in features as your needs expand. So, the first thing you need to look for are the basics that are going to work, not only for your customers but also for your customer service personnel.

Basic Critical Features of CRM Software

In 2017, CRM usage by all types of businesses increased from 56% to 74%.

80% of consumers will go online to research products and services prior to a purchase

87% of these consumers will use mobile devices as they research and shop and engage in customer service activities with businesses

47% of businesses surveyed state they plan to increase spending on customer service software. Any business that intends to remain competitive, keep existing customers, and generate new leads will take heed.

So, what should a solid CRM package include? Given today’s consumer and given that a business needs to reach that consumer where he is and provide the kind of personalized service he expects.

Mobility

Obviously, consumers want to reach and be reached on mobile devices. And customer service staff, often from remote locations, also need to be able to use their mobile devices to connect with customers. Businesses are actually seeing higher satisfaction and adoption rates, when staff have options of devices to use.

Other research shows that 65% of sales staff that can use mobile CRM have achieved sales quotas, while only 22% of those not using mobile devices have. This alone should drive businesses to ensure that any CRM they choose has mobility features.

As for consumer use of mobile CRM – it is obviously becoming a preferred method as the above stats show.

Personalization

This is an area that is perhaps the biggest challenge for customer relations. Business do not see their customers in person. It is critical that they use all of the technology available to reach customers at a personal level. Recent studies show that businesses intend to increase their email marketing budgets for both sales and customer service by 60%. This will allow them to segregate leads, current customers, etc. into groups for far more personalized service. Any CRM package a business purchases must provide for this.

And do not discount the value of “old school” direct mail campaigns. Consumers still go to their physical mailboxes, and there can be those who do so more than others, especially older leads and consumers. Adding a software piece, such as Physical Address that will provide a physical address and virtual mail handling services, can be valuable in certain circumstances.

Compete Customer History in One Place

Probably the most important aspect of CRM is that all of the information on the history of leads and customers be housed in a database that allows sales and customer relations personnel to bring up that entire history on one screen.

This is often called “contact management.” Being able to track every lead as it moves through a sales funnel is a must for any CRM software. Such software should provide a lead/customer calendar, follow-up reminders, and tickets for all contacts and actions. And it should also provide for the sharing of all of this history by multiple departments within the business. This can improve customer retention rates, as studies show.

Flexibility

Every business is unique. Buying a pre-packaged CRM solution that does not provide for customization is useless. A business needs to be able to integrate CRM with its existing systems, giving that business the ability to mine and analyze data that it needs to modify and improve its customer relations.

Keeping it Simple

Unless sales, marketing, and customer service staff see a CRM package as easy to use, they won’t adopt it. Keep it simple in the beginning. Complexities can always be added later, if the right package is purchased to begin with.

Every customer wants to feel important to you, before, during, and after the sale. You can achieve this through the right CRM software. Identify your needs, your customer needs, do the research and find the package that will work for you right now and grow as your business does.